Oil giant Total has signed an agreement, understood to be worth £350 million, to sell its 810 forecourts in the UK to a consortium comprising independent petrol station chain Snax 24, Investec Bank and private equity firm Grovepoint.
The Total UK retail assets being acquired by the consortium represent some 8% of the UK filling station network.
The deal will leaveSnax 24 as one of the leading independent fuel retailer in the UK.
Total said the transaction is in line with its strategy of rationalising its downstream portfolio in Europe.
Meanwhile, Shell will purchase 254 of the forecourts acquired by the consortium, for £240 million.
These sites will be managed by Snax 24 on behalf of Shell under a management agreement.
Snax 24 currently operates nearly 80 filling stations and convenience stores.
Commenting on the acquisition, Gerald Ronson, chairman of Snax 24, said: "This transaction marks Snax 24's return to the fuel business in scale."
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